The money comes from a state-wide pool of about $15 million from the state's Balanced Housing Program, and a total of $97 million in low-income housing tax credits spread over 10 years that are administered by New Jersey's Housing and Mortgage Finance Agency. Fifteen developments, mainly in urban areas such as Trenton and Elizabeth, will receive funding to build more than 1,000 units of rental housing.
The Willingboro project was awarded $2.27 million in balanced housing money, and a total of $6.7 million in tax credits. The Bordentown development will receive $9.5 million in tax credits, and the Ethel R. Lawrence project will get about $3.7 million in balanced housing funds and $11.2 million in tax credits. The tax credits can be sold to private investors.
The nonprofit Fair Share Housing Development Co., which is building the Ethel R. Lawrence Homes, could break ground later this year. That project is part of a 30-year effort to build affordable housing in the township.
Both the Willingboro and Bordentown projects should be completed by late 1999, according to Franklin B. Haaz, vice president of the Voorhees-based American Affordable Housing Group, which is building the developments.
Willingboro Deputy Mayor Lavonne Bebler Johnson said the apartments would benefit community members such as widowers and widows who want to stay in town with their friends and family but are physically or financially unable to maintain their homes. Willingboro officials worked closely with American Affordable on their application for the funds.
The Willingboro apartments are all one-bedroom units and will rent for between $385 and $430 a month. The Bordentown apartments consist of two- and three-bedroom units that will rent for $475 and $550 a month. The apartments will be deed restricted to remain affordable for at least 45 years, Haaz said.
Haaz said his firm will market the Willingboro project within a 15- to 20-mile radius of the community. The Bordentown project marketing will concentrate more on that township's immediate area, Haaz said.